Indians can now get UAE's Golden Visa without trade license, property purchase
Dubai, Jul 7 (PTI): The United Arab Emirates government has started a new type of Golden Visa, which will be based on nomination, albeit with some conditions, unlike the current practice of investing large amounts in either property or business here.
Until now, one of the ways to get Dubai's Golden Visa from India was to invest in property whose value should be at least AED Two Million (Rs 4.66 crore), or invest a large amount in business in the country.
Under the “new nomination-based visa policy,” Indians can now enjoy the UAE's Golden Visa for life by paying a fee of AED 1,00,000 (INR around 23.30 lakh), beneficiaries and people involved in the process have told PTI.
Over 5,000 Indians will apply for this nomination-based visa in three months, they said.
India and Bangladesh have been selected for the first phase of testing this visa, and a consultancy named Rayad Group has been chosen to test the initial form of the nomination-based golden visa in India.
Rayad Kamal Ayub, Managing Director of Rayad Group, said this is a golden opportunity for Indians to get the UAE's Golden Visa.
Whenever an applicant applies for this Golden Visa, we will first check their background, which will include anti-money laundering and criminal record checks, as well as their social media,” said Rayad Kamal.
The background check will also show if and how the applicant can benefit the UAE’s market and business activities in any other way such as culture, finance, trade, science, Start Up, professional services, etc.
“After this, RayadGroup will send the application to the government, which will make the final decision on the nomination-based Golden Visa,” he added.
Applicants seeking the UAE Golden Visa under the nomination category may obtain pre-approval from their home country without the need to visit Dubai.
“Applications can be submitted through One VASCO centres (visa concierge service company) in India and Bangladesh, our registered offices, our online portal, or our dedicated call centre,” he added.
After getting the Golden Visa, one gets the freedom to bring his or her family members to Dubai. “You can also keep servants and drivers based on this visa. You can do any business or professional work here,” Rayad Kamal said, adding, the property-based Golden Visa ends in case of property sale or division, but the nomination-based visa will remain forever.
The UAE government's initiative and India's selection as the first country for this visa reflect the strong business, cultural, and geopolitical relations between India and the UAE, which have become stronger after the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, effective May 2022.
The Golden Visa nomination process is an agreement between the UAE and its (Comprehensive Economic Partnership Agreement) CEPA signatory/partner countries. This is a pilot project which has started with India and Bangladesh and will soon include China and other CEPA countries.
RayadGroup and VFS have been chosen to vet the applicants and then forward them to the UAE authorities.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
ED arrests Sandeepa Virk, 'cosmetologist' for alleged money laundering
New Delhi, Aug 13 (PTI): The Enforcement Directorate said on Wednesday it has arrested a woman, who claims to be an actor and a cosmetologist, under the anti-money laundering law in a case of alleged fraud and misrepresentation.
The agency said the purported links of the woman, Sandeepa Virk, with a Reliance Group executive, Angarai Natarajan Sethuraman (President, Corporate Affairs), are also under its scanner. Sethuraman, in a statement, denied any connection with Virk or any transactions related to her.
Virk was taken into custody under the Prevention of Money Laundering Act (PMLA) on Tuesday after searches were conducted against her and her associates in Delhi and Mumbai over the last two days.
A special court sent her to the ED's custody till August 14, the agency said. The woman claims to be the owner of a skin care products selling website named hyboocare.com, which the ED claimed was a "front" for money laundering.
She and her associates are being probed for allegedly exerting undue influence through "misrepresentation" and "defrauding" individuals by soliciting money under false pretences.
According to an Instagram ID of Virk, she is an actor and entrepreneur and the founder of the said website.
The federal agency said in a statement that the woman was also "in touch with" Sethuraman, former director of erstwhile Reliance Capital Limited.
She was communicating with him regarding "illegal liaisoning", the ED claimed, adding that the searches at Sethuraman's residence "confirmed" these allegations.
"Besides, diversion of funds for personal benefit has also been unearthed during the course of the search action," it said.
The ED alleged that public money worth about Rs 18 crore belonging to Reliance Commercial Finance Limited (RCFL) was disbursed to Sethuraman in 2018 by "flouting" prudent lending norms.
The funds were lent under terms that allowed a deferment of the principal amount as well as the interest, with multiple waivers granted and no due diligence conducted, it said.
The ED claimed that besides this, a home loan of Rs 22 crore was provided by Reliance Capital Limited by "violating" the prudential norms. "A large part of these loans are seen to have been eventually siphoned off and remained unpaid," it alleged.
Sethuraman, in a statement, dismissed the allegations as "baseless". He denied any connection with Virk or any transactions related to her.
Detailing about Virk's web portal, the agency said it purportedly sold FDA-approved beauty products. However, the ED said the products listed on the website have been found to be non-existent and the portal lacks a user registration option and is plagued by persistent payment gateway issues.
A scrutiny of the website uncovered minimal social-media engagement, an inactive WhatsApp contact number and an absence of transparent organisational details, all of which reinforce the finding of "non-genuine" commercial activity, the ED claimed.
"These factors, including limited product range, inflated pricing, false claims of FDA approval and technical inconsistencies, indicate that the website serves as a front for laundering funds," it said.
Another social media-hosted bio data of the woman said she is a certified cosmetologist.
The ED said several "incriminating" documents were seized during the searches and the statement of a man named Farrukh Ali, stated to be an associate of Virk, was recorded.
The money-laundering case stems from an FIR lodged by the Punjab Police.
Sethuraman said that the home loan he received from Reliance Capital was granted following due process and was secured by the property offered as collateral.
